The Cardiovascular Information System Market Size was valued at USD 1.31 billion in 2023 and is expected to reach USD 2.68 billion by 2031, and grow at a CAGR of 9.4% over the forecast period 2024-2031.
Advanced systems such as electronic health records EHR, which would facilitate data analysis, are needed to cope with an increase in the number of challenges related to cardiac care involving a high amount of data management, information retrieval and record keeping. An increasing number of patients suffering from cardiovascular diseases and disorders, coupled with a growing demand for efficient data management tools in cardiac care units, has led to the rapid growth of the global cardiovascular device industry.
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Heart attacks and strokes account for more than four out of every five CVD deaths, and one-third of these fatalities happen in adults below the age of 70 years. For the initiation of treatment and medicinal products, it is necessary to identify heart problems at an early stage so as to increase patient demand for cardiac information systems. The productivity and efficiency of software and patient records are enhanced by such systems. They're more effective in storage and treatment of patients' heart data compared with traditional methods, which is why they have higher demand.
MARKET DYNAMICS
DRIVERS
The prevalence and incidence of cardiovascular diseases are on the rise
Increase operational efficiency and decrease the rate of medication errors in developed markets
The adoption of telemedicine in cardiovascular diseases is increasing
The demand for robust CVIS solutions is being driven by the rise of telemedicine in cardiology. The CVIS, which enables remote access to patients' data, is becoming a key component in the facilitation of Internet consultations between cardiologists and their patients. In areas where access to specialised cardiac care is limited, this development will have a particularly significant impact. The synergy of telemedicine and CVIS is not only improving access to cardiovascular care, but also demonstrates the adaptability of such systems in an evolving healthcare paradigm.
RESTRAINTS
Implementation and maintenance costs are higher than expected
A significant financial barrier to smaller hospitals and clinics, especially in resource constrained settings, is the high costs associated with acquiring, implementing or maintaining cardiovascular information systems CVIS. Already constrained budgets can be strained by the upfront investment required, in addition to ongoing costs associated with software upgrades, data storage and system maintenance. This financial burden may make it difficult for CVIS solutions to be available in some healthcare settings, which is a barrier to the adoption of modern cardiac care technologies.
OPPORTUNITIES
Solutions Using the Cloud
Increasing Government Initiatives
Initiatives to promote the adoption of electronic health recordsEHRs and digital health technologies are being led by governments around the world. The CVIS market, in turn, is driven by this policy initiative and substantial financing for developing healthcare infrastructure. Government initiatives promote the integration of advanced technologies, such as CVIS, into mainstream healthcare practices by creating a conducive environment for digital solutions in cardiology. This support will also strengthen the effectiveness of cardiovascular care, while at the same time aligning with greater efforts to digitise and improve global health delivery.
CHALLENGES
Data security and privacy issues
The CVIS shall play a crucial role in the management of large and delicate information on patients, including their clinical history, images or diagnosis. Given that the consequences for patients may be severe, the potential for security breaches and data leakages raises significant concerns. The complexity of the implementation of CVIS, as well as its overall cost, is exacerbated by a number of stringent data protection regulations combined with the need for strong cyber security measures. It is essential to ensure the confidentiality and integrity of patient data, which requires continuing investment in security infrastructure and compliance measures.
Ukraine's health care system has suffered since the beginning of the war. The logistics of helping all patients, especially patients with combined cardiovascular pathology and oncology, severe pulmonary hypertension, and others requiring special supervision, were destroyed. Many of these patients have been saved and continue their treatment in foreign hospitals, thanks to the efforts of doctors and international funding. There was a severe shortage of medical care. According to the World Health Organization's Surveillance System for Attacks on Health Care, by December 7, 2022, there had been a shocking number of violent incidents targeting healthcare. A total of 715 attacks were verified, with 600 involving heavy weapons. These attacks targeted healthcare facilities, personnel, patients, transportation, and supply depots. Tragically, these acts of violence resulted in 100 deaths and 129 injuries. Furthermore, 127 healthcare facilities were utterly destroyed in these attacks and cannot be rebuilt. The medical infrastructure in Kyiv, Chernihiv, Donetsk, Mykolaiv, and Kharkiv experienced significant impacts across five regions. The effects of the war on the production and procurement of medical supplies, as well as the difficulties caused by the displacement of doctors and nurses, are added to this massive destruction.
The need for social isolation imposed on most countries is also exacerbating the economic slowdown. Various measures, such as financial, tax and health policy responses, will be needed to deal with this situation. In view of the fact that it was not directly COVID-19 that triggered the economic slowdown, but the measures taken to limit its spread, it inspired us to reconsider the relationship between the economic crisis and the health of the population.
The health budgets were different from one another in their reaction to these new business conditions. Significant restrictions were put in place by some countries, which was not a good strategy. Funds were frozen in some states, usually because they were earmarked for health care under compulsory health insurance. According to further studies, there was no restriction on the budget but its growth decelerated significantly and affected a changing demographic composition. Studies have also shown that countries with compulsory health insurance systems, where the funds are based on remuneration, have experienced a more significant deterioration in health status than those with Beveridge schemes, where the funds are usually less flexible and budgeted in advance. The implementation of targeted cuts was also more probable for them. Some countries, notably in hospitals and the pharmaceutical industry, have taken advantage of this opportunity to reduce their costs. The salaries of healthcare professionals have been reduced or frozen by others.
By Mode Of Operation
Web-based
Cloud-based
On-site
In 2023, web-based segment accounted for a dominant revenue share of 74.6%. In Web Based Operations, there is no need to install local programs and this method of deployment has the advantage of being easily accessible. The CVIS platform can be easily accessed and used by healthcare professionals working remotely or in multiple locations using their credentials. In order to ensure data protection and backup, the information is usually stored on secure servers. The main factors that have led to the widespread adoption of a web awareness mode for operational cardiac information systems around the world are high rates of uptake and comparatively lower costs. Improved interoperability, easier access to images and information from any point of view as well as increased convenience are driving market developments in this type of operation.
By System
CVIS
CPACS
The CVIS segment represented the largest revenue share in 2023 and is projected to grow at an accelerated compound annual growth rate over the forecast horizon. The CVIS system facilitates effective data analysis, allowing physicians to make more accurate treatment choices faster than the CPACS system. Therefore, the adoption of CVIS was found to be greater than that of CPACS and this represented a significant increase.
Regional Analysis
The market was dominated by North America, with a revenue share of 32.0% in 2023. According to the Centers for Disease Control and Prevention, heart disease is the primary cause of mortality for both men and women of most racial and ethnic groups in the U.S. Cardiovascular disease claims one life in the U.S. every 33 seconds. In the United States, heart disease claimed the lives of almost 695,000 people in 2021, accounting for 1 out of every 5 deaths. In North America, the incidence of heart failure varies because of changes in economics, genetic predispositions, culture practices and trends in risk factors and treatments, as determined by the National Library of Medicine.
Asia Pacific is projected to grow at an average annual growth rate of 10.4% over the forecast period. Due to a sharp increase in the number of patients, the region has seen significant increases in healthcare expenditure leading to increased investments in research and development activities related to cardiovascular disease. This contributed to the development of new and innovative products and technologies, which supported growth in regional markets. The development of the Asia Pacific region over the forecast period is expected to be supported by the presence of fast developing economies such as India and China, where healthcare infrastructure is rapidly improving.
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REGIONAL COVERAGE:
North America
US
Canada
Mexico
Europe
Eastern Europe
Poland
Romania
Hungary
Turkey
Rest of Eastern Europe
Western Europe
Germany
France
UK
Italy
Spain
Netherlands
Switzerland
Austria
Rest of Western Europe
Asia Pacific
China
India
Japan
South Korea
Vietnam
Singapore
Australia
Rest of Asia Pacific
Middle East & Africa
Middle East
UAE
Egypt
Saudi Arabia
Qatar
Rest of the Middle East
Africa
Nigeria
South Africa
Rest of Africa
Latin America
Brazil
Argentina
Colombia
Rest of Latin America
Some of the major key players are Cerner Corporation, Esasote, CREALIFE Medical Technology, Fujifilm Medical Systems, GE Healthcare, Merge Healthcare Inc, Lumedx, Philips Healthcare, Simens Healthineers AG, McKesson Corporation and other players.
In Jul-2023, In the Indian market, GE HealthCare Technologies has entered into a partnership with Elekta, which is one of the leading radiation therapy companies. In this partnership, GE HealthCare will seek to improve the efficiency, precision and personalization of the entire cancer care process, highlighting our commitment to investing in solutions that improve the quality of cancer care while making it more comfortable for patients.
In Oct-2022, Siemens Healthineers AG has entered into an agreement with iMedrix Systems Pvt Ltd, a healthcare technology firm specialising in remote patient monitoring and telemedicine services. In order to help their clients gain a deeper understanding of health, the two companies would provide telecardiology technology through this partnership.
In Sep-2022, to improve access to quality healthcare and pharmaceuticals, McKesson Corporation has entered into partnership with CVS Health, a diversified health care company which provides pharmacy services, medical clinic services as well as insurance coverage. Both companies would be able to meet growing customer demand through this partnership.
| Report Attributes | Details |
|---|---|
| Market Size in 2023 | US$ 1.31 Billion |
| Market Size by 2031 | US$ 2.68 Billion |
| CAGR | CAGR of 9.4% From 2024 to 2031 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Mode of Operation (Web-based, Cloud-based, On-site) • By System (CVIS, CPACS) |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Company Profiles | Cerner Corporation, Esasote, CREALIFE Medical Technology, Fujifilm Medical Systems, GE Healthcare, Merge Healthcare Inc, Lumedx, Philips Healthcare, Simens Healthineers AG, McKesson Corporation. |
| KEY DRIVERS | • Cardiovascular Diseases Are Becoming More Common and Incident • Concentrate on Improving Operational Efficiency and Lowering Medication Error Rates in Developed Markets • Healthcare Providers Are Able to Cut Costs by Implementing CVIS |
| Restraints | • Pricey CVIS Solutions • Healthcare Professionals' Resistance to CVIS Implementation |
Ans: The cardiovascular information system market was valued at USD 1.31 billion in 2023.
Ans: The expected CAGR of the global cardiovascular information system market during the forecast period is 9.4%.
Cerner Corporation, Esasote, CREALIFE Medical Technology, Fujifilm Medical Systems, GE Healthcare, Merge Healthcare Inc, are the key players of Cardiovascular Information System market
North America is dominated by stringent privacy and security laws, and that the amount of commerce in the cardiovascular information sector is rising.
Cardiovascular Diseases Are Becoming More Common and Incident, Concentrate on Improving Operational Efficiency and Lowering Medication Error being the key drivers of the Cardiovascular Information System market.
TABLE OF CONTENTS
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities
4.4 Challenges
5. Impact Analysis
5.1 Impact of Russia-Ukraine Crisis
5.2 Impact of Economic Slowdown on Major Countries
5.2.1 Introduction
5.2.2 United States
5.2.3 Canada
5.2.4 Germany
5.2.5 France
5.2.6 UK
5.2.7 China
5.2.8 Japan
5.2.9 South Korea
5.2.10 India
6. Value Chain Analysis
7. Porter’s 5 Forces Model
8. Pest Analysis
9. Cardiovascular Information System Market, By Mode of Operation
9.1 Introduction
9.2 Trend Analysis
9.3 Web-based
9.4 Cloud-based
9.5 On-site
10. Cardiovascular Information System Market, By System
10.1 Introduction
10.2 Trend Analysis
10.3 CVIS
10.4 CPACS
11. Regional Analysis
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 USA
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Eastern Europe
11.3.1.1 Poland
11.3.1.2 Romania
11.3.1.3 Hungary
11.3.1.4 Turkey
11.3.1.5 Rest of Eastern Europe
11.3.2 Western Europe
11.3.2.1 Germany
11.3.2.2 France
11.3.2.3 UK
11.3.2.4 Italy
11.3.2.5 Spain
11.3.2.6 Netherlands
11.3.2.7 Switzerland
11.3.2.8 Austria
11.3.2.9 Rest of Western Europe
11.4 Asia-Pacific
11.4.1 China
11.4.2 India
11.4.3 Japan
11.4.4 South Korea
11.4.5 Vietnam
11.4.6 Singapore
11.4.7 Australia
11.4.8 Rest of Asia Pacific
11.5 The Middle East & Africa
11.5.1 Middle East
11.5.1.1 UAE
11.5.1.2 Egypt
11.5.1.3 Saudi Arabia
11.5.1.4 Qatar
11.5.1.5 Rest of the Middle East
11.5.2 Africa
11.5.2.1 Nigeria
11.5.2.2 South Africa
11.5.2.3 Rest of Africa
11.6 Latin America
11.6.1 Brazil
11.6.2 Argentina
11.6.3 Colombia
11.6.4 Rest of Latin America
12. Company Profiles
12.1 Cerner Corporation
12.1.1 Company Overview
12.1.2 Financial
12.1.3 Products/ Services Offered
12.1.4 SWOT Analysis
12.1.5 The SNS View
12.2 Esasote
12.2.1 Company Overview
12.2.2 Financial
12.2.3 Products/ Services Offered
12.2.4 SWOT Analysis
12.2.5 The SNS View
12.3 CREALIFE Medical Technology
12.3.1 Company Overview
12.3.2 Financial
12.3.3 Products/ Services Offered
12.3.4 SWOT Analysis
12.3.5 The SNS View
12.4 Fujifilm Medical Systems
12.4.1 Company Overview
12.4.2 Financial
12.4.3 Products/ Services Offered
12.4.4 SWOT Analysis
12.4.5 The SNS View
12.5 GE Healthcare
12.5.1 Company Overview
12.5.2 Financial
12.5.3 Products/ Services Offered
12.5.4 SWOT Analysis
12.5.5 The SNS View
12.6 Merge Healthcare Inc
12.6.1 Company Overview
12.6.2 Financial
12.6.3 Products/ Services Offered
12.6.4 SWOT Analysis
12.6.5 The SNS View
12.7 Lumedx
12.7.1 Company Overview
12.7.2 Financial
12.7.3 Products/ Services Offered
12.7.4 SWOT Analysis
12.7.5 The SNS View
12.8 Philips Healthcare
12.8.1 Company Overview
12.8.2 Financial
12.8.3 Products/ Services Offered
12.8.4 SWOT Analysis
12.8.5 The SNS View
12.9 Simens Healthineers AG
12.9.1 Company Overview
12.9.2 Financial
12.9.3 Products/ Services Offered
12.9.4 SWOT Analysis
12.9.5 The SNS View
12.10 McKesson Corporation
12.10.1 Company Overview
12.10.2 Financial
12.10.3 Products/ Services Offered
12.10.4 SWOT Analysis
12.10.5 The SNS View
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share Analysis
13.3 Recent Developments
13.3.1 Industry News
13.3.2 Company News
13.3.3 Mergers & Acquisitions
14. Use Case and Best Practices
15. Conclusion
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